TfL to borrow £350m after Crossrail delay drives it into the red
Transport body has a £1bn deficit due to Elizabeth line opening push back to 2019
Transport for London is to borrow £350m from the Department for Transport, as delays to the £15bn Crossrail project left the capital’s transport body facing a serious funding shortfall.
The DfT will provide the money to mayor of London Sadiq Khan on a short-term basis, with the cost of the loan to be paid out of his budget.
Source: Guardian Transport